Tuesday, April 28, 2009

Data News #2009 - 23
NASDAQ OMX Announces Top of PHLX Options (TOPO) Direct Market Data Feed

Markets Impacted:


Contact Information:

What you need to know:

  • NASDAQ OMX will offer a new direct market data feed called Top of PHLX Options (TOPO) that will provide the BBO and last sale information, pending approval by the SEC.
  • TOPO will give firms a competitive advantage by offering minimal latencies.

What is Top of PHLX Options?

Top of PHLX Options (TOPO) is a direct, low-latency market data feed that is designed to provide Best Bid and Offer (BBO) and last sale information from NASDAQ OMX PHLXSM (PHLXSM) directly to subscribers, pending approval by the Securities and Exchange Commission (SEC).

Accessing the TOPO proprietary data feed directly from PHLX will provide firms with a competitive speed advantage over those obtaining the same data from the Options Price Reporting Authority (OPRA).

Is the TOPO data feed a new product?

Yes, the TOPO feed is being created in conjunction with the re-platforming of the PHLX XL® options trading system to NASDAQ OMX's INET architecture. The enhanced system, referred to as PHLX XL II (XL II), is subject to regulatory approval by the SEC.

When will TOPO be available?

The TOPO direct data feed will be available for testing in July 2009. Production data will be available at the end of the transition to XLII, which is expected to be completed by August 2009.

Is the TOPO interface specification available?

Yes. The TOPO specification is available on the NASDAQ OMX Trader® website. As updates are made, new versions will be published.

From which data center will the feed be available?

TOPO will be available from the NASDAQ OMX New York Area data center. Firms will be able to co-locate in the data center, access the feed through a direct connection or utilize an extranet provider.

What is the bandwidth recommendation for TOPO?

TOPO will be offered in a compressed version only. The bandwidth recommendation for the compressed feed is 50 Megabits (Mb) per data stream and compression will be done using the Fix Adapted for Streaming (FAST) protocol.

What is the fee for TOPO and how can I subscribe to it?

TOPO pricing, which is subject to regulatory approval, will be $2,000 per month for internal distribution and $2,500 per month for external distribution. There will be no per user fees.

Interested parties can find the required NASDAQ OMX Global Data Products Agreements and Forms on the NASDAQ OMX Trader website.

Where can I find more information?

Refer to the Top of PHLX Options page and the TOPO FAQ document on the NASDAQ OMX Trader website.

To learn more about TOPO, please contact NASDAQ OMX Global Data Products at +1 301 978 5307, Option #2.

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